written and last updated by
Sam Smith at
03 May 2023
Journalist, Editorial Department
Caesars Entertainment has released its financial results for the first quarter of this year, which ended on March 31. According to Generally Accepted Accounting Principles (GAAP), the company reported net revenue of $2.8 billion (approximately 233 billion rubles), up from $2.3 billion (191.4 billion rubles) in the same quarter of 2022.
The net loss for the quarter was $136 million (11.3 billion rubles), a significant decrease compared to the previous year's loss of $680 million (56.59 billion rubles). Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) reached $958 million (79.72 billion rubles), compared to $296 million (24.63 billion rubles) in the same quarter last year.
Tom Reeg, CEO of Caesars Entertainment, commented, "We achieved another strong quarter, highlighted by a new record for adjusted EBITDA in the first quarter in Las Vegas. Results in our regional segment remained consistent with previous quarters, especially when excluding the impact of adverse weather conditions in northern Nevada during this period. Our digital segment was nearly break-even, despite launching operations in Ohio and Massachusetts."
Bret Yunker, the company's CFO, also reported that Caesars successfully paid off a $400 million (33.28 billion rubles) mortgage bond for the Caesars Forum Convention Center. Although the bond was set to mature in 2025, the early repayment saved the company over $32 million (2.66 billion rubles) in interest expenses.
Yunker added, "We remain committed to reducing our long-term debt by $1 billion for the third consecutive year. We ended the quarter with a total net leverage ratio, calculated based on our bank credit facility, of 4.2x as of March 31, 2023."
Meanwhile, the UK Gambling Commission has been recognized as a "Great Place to Work."
